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Obama Wants to Fund Retirement with Borrowed Money

By: Steve Johnson

6/18/2008 - 22 Comments

This is just unbelievable. Barack Obama has proposed to help families save for retirement by borrowing money from the next generation.

This would be a great idea, if the government had any money to give.  But they don’t, if fact they own 9.4 trillion dollars to the rest of the world.  Yet people are excited about this idea. If you read the details of this proposal, Obama wants to help people increase their saving for retirement by forcing small businesses to automatically enroll their workers into a 401k plan which the government will then help fund. The plan calls for the government to match the first $500 put into a retirement account.

Small businesses don’t like the idea, workers don’t like the idea and the next generation is not going to like the idea – yet it is being proposed by the leading Democratic Presidential candidate.

When are the politicians going to realize that the US government doesn’t have any more money to spend?  The national debt is already $531,000 per family.

The government has three ways to get money;

1. Taxes
2. Printing money (increasing the money supply)
3. Borrowing (increasing the national debt)

Taxes

Obama has already said he was going to increase taxes all over the place. What good would it do to take more money away from people so that the government can give it back to people to help increase their retirement investments by $500?

Printing money

What good would it do to increase the money supply by $500 per family, in order to increase the retirement savings by $500 per family, while increasing inflation of gas and food which will continue to reduce the purchasing power of the dollar – and reduce the value of all savings and retirement accounts?

Borrowing

What good would it do to increase the national debt by $500 per family, while increasing the retirement investment by $500 per family? 

If Obama really wanted to increase saving, he would raise interest rates above inflation, because putting money in a saving account at a lower interest rate than inflation does not make any sense. This idea of Obama’s clearly shows his economic strategy is going to be based on spending. He is going to tax, print money and borrow as much as he can – which will result in an increase in unemployment, inflation and national debt.

This is an absolutely ridicules idea. What do you think?

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